AN ACT TO AMEND CHAPTER 197, VOLUME 54, LAWS OF DELAWARE, AS AMENDED , ENTITLED "AN ACT REVISING THE PRIOR CHARTER OF THE CITY OF REHOBOTH BEACH AND ESTABLISHING A NEW CHARTER THEREFOR, AND PRESCRIBING THE POWERS AND DUTIES OF THE COMMISSIONERS OF REHOBOTH BEACH," TO AMEND THE INTEREST RATE COLLECTED ON DELINQUENT TAXES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each House thereof concurring therein):

Section 1. Subsection (e), Section 25, Chapter 197, Volume 54, Laws of Delaware, as amended, by Chapter 50, Volume 82, Laws of Delaware, is hereby further amended by striking out the lest sentence of said Subsection (e) and substituting in lieu thereof the following:

"On all taxes paid on or after the first day of September next succeeding the delivery of the annual duplicate tax list to the City Manager, there shall be added for each month or part thereof interest in an amount computed on a monthly rate based upon an annual rate of Fite Percent (5%) over the Federal Reserve Discount Rate. The percentage of interest to be charged for each fiscal year of the City shall be Fite Percent (5%) over the Federal Reserve Discount Rate in effect on September 1 in the fiscal year when the taxes are due and payable."